Brand-investment platform Go Global Retail has completed its purchase of digitally native fashion retailer, Modcloth, from Walmart.
Go Global officially closed on the deal for the online women's retailer -- which carries a range of women's indie and vintage clothing, shoes, handbags, and accessories -- on January 27, after receiving financing from Tiger Capital Group.
According to Jeff Streader, managing director of Go Global, the company plans to further invest in Modcloth's digital and supply-chain capabilities and gain new insights into its operations via AI and predictive analytics.
"We were pleased to partner with Tiger Group on this strategic e-commerce transaction and are enthusiastic about Modcloth's future as a freestanding, independent fashion brand," Streader said.
"Modcloth is known for its strong commitment to its core customers and for championing values of female empowerment and inclusivity...we're confident in Modcloth's potential for robust national and international growth."
"Over the past few years, Tiger has increasingly focused on e-commerce asset-valuation, monetization, and capital-infusion," said Bob DeAngelis, Executive Managing Director at Tiger.
"We saw a yet-another strong opportunity in Go Global's acquisition of Modcloth—a digitally native retailer that has posted annual revenues of up to $150 million and that enjoys strong brand equity among consumers."
Walmart announced the sale of Modcloth in October 2019, just two years after it bought the online retailer.